It almost fell below the 90,000 mark. Will there be a further correction?
After reviewing the Federal Reserve's monetary policy minutes, I would like to summarize a few key points. Most still believe a 25 basis point cut is appropriate. If inflation continues to rise, they may pause the rate cuts. This was also the reason it dropped to 90.8k yesterday morning. If the unemployment rate rises or the economy slows, it may accelerate rate cuts. There’s nothing particularly special; a 25 basis point cut in December still holds great suspense.
The bull is still here, don't worry. But will there be a further correction?
The integer level around 90,000 has successfully held on, and currently, it at least shows signs of a counterattack. Moreover, it is evident that the second largest ‘ETH’ has already begun to be active, and altcoins will soon start as well.
Last night at 11 PM, the last data of the month - the PCE price index was announced, and the results met expectations, which is fortunate for the crypto circle. Overall, the temporary correction is a healthy market adjustment, merely a profit-taking escape. The bull market does not declare a top, and the upward trend has not been broken. Often at this juncture, it is the right time to pay attention to the second-largest and to lay out altcoins.
Speaking of an interesting occurrence, after CZ appeared and witnessed the booming meme market, he felt it was no longer the familiar crypto circle. He tweeted a critique of memes while mentioning AI and education. At that moment, rumors spread that CZ intended to expand BSC vigorously. Shortly after, Binance listed several coins on the BSC chain. The coins airdropped to BNB holders yesterday also came from BSC. What do you think, is this coincidence or not?
The post-launch trend is surprisingly different from the typical sharp decline seen in previous launches, showing a clear explosive growth pattern with no signs of correction. The token ‘THE’ launched at only 0.2, but last night it soared to over 4.1. One BNB airdrop was 1.46 THE, truly a big piece of cake. For those holding ‘BNB’, if you are not in a hurry to sell, it’s advisable to temporarily place it in a liquid wealth management product; you might just get snapped for an airdrop. I believe there may be more upcoming.
Now, back to today's daily $BTC market analysis. From the K-line perspective, the 1-hour level appears weak and may decline, the 4-hour level shows an upward trend, the 12-hour level is about to enter an upward trend, while the daily level has not yet exited the downtrend. The intraday resistance level is 98,400, and the support level is 94,000 USD. Note: Today is Thanksgiving, and the U.S. stock market is closed.
Ethereum's second bull market has already begun.
Regarding Ethereum's recovery, CryptoQuant analyst Crypto Sunmoon stated early this morning that Ethereum's second bull market has begun.
He pointed out in a chart comparing the MVRV ratio to Ethereum's price that in past crypto bull markets, Ethereum often experienced two significant price increases, with the second surge always significantly exceeding the first. This suggests that Ethereum's upward trend may continue.
ENS, EIGEN... Ethereum ecological tokens have risen broadly.
This allows the Ethereum ecosystem to regain market attention, with several popular tokens performing well, including:
ENS (Ethereum Name Service): The price soared over 53% in one day, becoming the best performer among the top 300 tokens by market cap, currently reported at $33.25.
Puffer (Ethereum liquidity re-staking project): The price surged by 60% in one day, currently reported at $0.6546.
EIGEN (the native token of the Ethereum re-staking project EigenLayer): The price increased by 25% in one day, breaking through $4.1, only about 10% away from its historical high, currently reported at $3.77.
INST, ENA, etc.
As Ethereum continues to perform strongly, the performance of related ecological tokens is worth paying attention to, and the market may officially welcome altcoin season! This reminds one of the market conditions in 2020-2021. At that time, Bitcoin began a significant rising wave, followed by Ethereum's rise, and then a role reversal with Ethereum surging significantly, leading to violent rising waves across various tracks. History may not simply repeat, but its reference value is enormous.
Despite the essential differences from 2021, such as the Federal Reserve not injecting liquidity and limited flow, will BTC maintain the FOMO sentiment and ETH continue to rise? Which track projects are worth paying attention to?
MEME Track:
What to watch is the new meme projects that have already launched on major exchanges like Binance. According to historical experience, speculation will continue, and market makers need to leverage market speculation to make money. Of course, the older memes also have opportunities, but specific position allocations should be managed by friends. Don't forget that a remarkable new meme was born at the end of 2023, and during Bitcoin's peak at 73,700, another excellent new meme was also born on Binance spot. The next remarkable meme may continue to emerge on major exchanges.
Public Chain Track:
In every main rising wave, public chains have never left the table. SOL, INJ, TIA, SUI, SEI, etc., there are too many. Especially new public chain projects that have landed on major exchanges like Binance in the last couple of years, such as OMNI, which have risen significantly in recent days. As for older public chains, SOL, INJ, ADA, etc., are worth focusing on.
AI Track:
That wave at the beginning of 2023 saw many AI-related projects in the crypto market rise significantly. Then from the end of 2023 to the beginning of 2024, AI-related crypto projects like FET and even those tangentially related to AI, such as WLD and ARKM, all had good gains. Recently, many AI-related projects have become popular, no need for me to elaborate.
L2 Track
Since the relevant projects in this track landed on major exchanges like Binance, there has really been a wave of speculation during the ETH narrative upgrade, and then another wave from the end of 2023 to the beginning of 2024, with the gains of ARB, OP, etc., that friends should remember vividly. Moreover, ETH needs to rise significantly, so this track should focus on strong narratives and leading projects that can make moves.
The market has new tracks and narratives that need more attention. Other tracks like infrastructure, if friends have excess positions, can select leading projects for allocation. This summary is based on the recent project track situations from Binance, CB, and the macroeconomic conditions in the U.S. and stock markets, combined with past bull market feedback.